The San Antonio-based investment company, which also owns the Western Sizzlin brand, reported that Steak ’n Shake revenue rose to $179 million in the third quarter ended July 3, from $170.9 million in the prior-year period.

Western Sizzlin revenue dipped to $3.9 million from $4.3 million in the same period last year. The company did not cite same-store sales comparisons for the brand.

Biglari Holdings’ third-quarter results reflected a pre-tax, non-cash accounting gain of $162.9 million that resulted in net income of $106.7 million, or $80.16 per share, compared with $4.9 million, or $3.63 per share, in the same period last year. The company told the SEC that it is deferring the gain.

Biglari Holdings also holds investments in other companies, including a 20-percent stake in Lebanon, Tenn.-based Cracker Barrel Old Country Store Inc.

At the end of the quarter, Biglari Holdings had 605 restaurants, including 517 Steak ‘n Shake units (414 company-owned and 103 franchised) and 88 Western Sizzlin locations (four company-owned and 84 franchised). In the same period last year, Biglari Holdings had 588 restaurants, including 496 Steak ’n Shake units and 92 Western Sizzlin locations.

Steak ’n Shake opened nine franchised units in the quarter and 20 restaurants year to date. Six Western Sizzlin franchised units closed in the current year, three franchised units opened, and one corporate location closed, the company said.

Biglari Holdings said it opened an office in Europe in the third quarter to manage an international expansion. “We will pursue investments abroad as opportunities arise,” the company indicated in SEC 10-Q filings.

Biglari Holdings said franchise royalties and fees increased 23.8 percent during the third quarter. The company had 187 franchised units as of July 3.

Steak ‘n Shake franchisees have recently filed lawsuits against Biglari Holdings over pricing autonomy. The company also said in SEC documents that it is facing two shareholder lawsuits: one in the U.S. court for the Southern District of Indiana and another in the Western District of Texas.

The shareholders’ lawsuits question some company transactions, including the acquisition of subsidiary Biglari Capital, chief executive and chairman Sardar Biglari’s incentive bonus agreement and a trademark licensing agreement between the company and the CEO.

“The company believes these claims are without merit and intends to defend these cases vigorously,” Biglari Holdings said in its SEC filings.